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Cottoncandy:

Cotton candy prices saw a modest uptick, closing 0.45% higher at 57500, buoyed by a surge in overseas prices supported by a drawdown in unsold inventories and a weakened U.S. dollar. The global cotton market witnessed adjustments in consumption forecasts for the 2023/24 season, with a reduction of 1.3 million bales due to lower estimates for India, Indonesia, Pakistan, Uzbekistan, and Turkey. The Cotton Association of India (CAI) maintained its estimate for domestic cotton consumption for the 2023-24 season at 311 lakh bales. Pressing estimates for the season stood at 294.10 lakh bales, and total cotton supply until the end of the season (September 30, 2024) remained at 345 lakh bales, as per CAI's observations. Brazil witnessed record-high cotton production in the 2022-23 season, driven by expanded cultivation and improved productivity. The infestation of pink bollworm in the Indian cotton crop has declined, dropping from 30.62% during 2017-18 to 10.80% in 2022-23. Reports suggest a reduction in pink bollworm infestation across cotton-growing areas in the north, central, and south zones of the country. In November, Brazilian cotton shipments increased by 12%, reaching 253.71 thousand tons compared to October 2023. However, it marked a 5.5% decrease compared to November 2022. Globally, the International Cotton Advisory Committee (ICAC) projected that cotton production would likely outpace consumption for the second consecutive year. Technically, the cotton candy market experienced short-covering, with open interest remaining unchanged at 176. Despite a price increase of 260 rupees, support is identified at 57020, with a potential test of 56550 if breached. On the upside, resistance is anticipated at 57780, and a breakthrough might propel prices to test 58070.

BUY COTTONCANDY MAR @ 57800 SL 57500 TGT 58200-58400. MCX

Cocudakl:

BUY COCUDAKL FEB @ 2540 SL 2500 TGT 2590-262. NCDEX

Kapas:

BUY KAPAS APR @ 1520 SL 1505 TGT 1540-1550. NCDEX